3 Top Reasons to Pursue Financial Independence

by Tarun Birani Expert Financial Planning/Advisor

Financial freedom is generally correlated to being financially settled and free from debt. But financial freedom brings with it many perks and advantages that often neglected. Financial independence gives you that much-desired peace of mind from the constant worries of unseen expenses and being dependent on a regular income or savings or sometimes even heavy debt.

One can do savings pr investment when there is financial freedom. A financial advisor can help in managing your finance and planing the investment.

Here is a few perks of being financially independent

Freedom to ideate

Depending on a salary and a fixed monthly income to manage your expenses restrict your ability to think and function beyond your budget. It limits you both mentally and physically. Once you build a decent corpus and lose that dependency on a monthly income you begin to think beyond your limits. You broaden your horizon and open up to better experiences, better opportunities, and a more positive attitude towards life, that was earlier restricted based on your spending capabilities. This freedom widens your thought process and allows you to think beyond just tomorrow. You now have the opportunity to invest purely with a focus on long-term gains, growing your assets, and moving to a phase where day-to-day volatility does not affect your investments.

Freedom from Stress

The dependency on a monthly income and an unhealthy work atmosphere are two vital ingredients to a recipe for a stressful life. The lack of money binds you to a work-life that doesn’t suit you, adding to your stress which then gets carried forward in your personal life and relationships. When money is not a driver you are free to quit and start over. Reaching that stage where the money is not a major concern is important to ensure that you can focus on making life choices based on your preferences. Choices like a shift in your line of work, becoming a freelancer, or kick-starting your business idea will become easier to make. The ability to choose what you want to do based on your preference and not on your limitations (like money) will help you lead a stress-free and happier life.

Freedom to just be

Spending time working out, choosing to follow a hobby, or taking a sabbatical to travel the world, these are perks which people with a financially settled life can afford. Attaining financial freedom gives you the ability, space, and time to be what you want to be and experience life the way you want to live it. It gives you the ability to help others in need without worrying about your depleting bank balance. You can focus on a healthier lifestyle, learning something new, and upgrading your abilities. You could spend time building stronger and healthier relationships with family and friends. All this is possible if you are not bound by your limited financial status.

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Above all

The absolute need for a paycheck for survival will no longer give you the ability to do what you want to do without thinking about money endlessly. Financial independence does have its financial advantages, but the net profitability extends way beyond your bank account and more into your personal life. The pleasure and the satisfaction of living your life your way, doing things you love to do, and rediscovering life through new experiences, can only be received when you attain financial freedom.

Post copy: The perks of financial freedom are far beyond the financial aspects of your life, it has far-reaching benefits that can make your life more wholesome and fulfilling. Here are a few of those benefits we’ve outlined for you. Do you know of any others?